Mortgage Servicing and Loan Modifications: 11.2.5.4 Periodic Statements
For closed-end loans, servicers are required to send periodic statements to borrowers on residential mortgage loans unless an exemption applies.38 Exemptions to the periodic statement rule apply to reverse mortgages, timeshare plans, and if the servicer provides the consumer with a coupon book that provides specific information about the loan, a practice not much used anymore.39 Small servicers, as defined an